The State government has decided to raise ₹14,000 crore through open market borrowings during the first quarter of the current financial year.

The government has indicated that it will raise ₹4,000 crore in April, ₹5,000 crore each in May and June through the weekly auction of securities to be conducted by the Reserve Bank of India. According to the indicative calender of borrowings released by the RBI for the first quarter, the government has indicated that it will participate in the auctions on April 15 and 29 to raise ₹2,000 crore each followed by ₹2,000 crore each on May 6 and 20 and another ₹1,000 crore on May 27.

Interestingly, the government has apparently not completed reconciliation of accounts pertaining to February till date as the monthly key indicators for February are yet to be posted in the Comptroller and Auditor General of India’s website. With the accounts of March yet to be finalised, the government is likely to end up achieving around 75% target of the targets set in the budget estimates by the end of the last fiscal.

The government is expected to participate in three of the four auctions in June raising ₹2,000 crore each on June 3 and 17 and ₹1,000 crore on June 24. The schedule of market borrowings is part of the government proposal to raise ₹69,639 crore during the current fiscal. The State government has raised ₹58,586 crore through market borrowings up to January last fiscal and the total borrowings are expected to be around ₹69,000 crore going by the amounts raised in the weekly auctions conducted by the RBI in February and March.